Ouch. physically unplug PC. A computer power on/off butter does not actually do anything to the power to the computer, it's just a signal to the MB to start a boot. I would not plug power back in until you think you've found the problem.
I'm not the best guy to find a short. Suggest open a new thread with title like "swapped dimms, then spark on power on and burnt smell" then include your description. put a pointer back to this thread so no-one thinks you are double posting.
Physically inspect the dimms and the dimm slot. See if they show signs of burning/scorching. They may not. IF they do then see what might have caused the short (fail on the dimm or gunk in the dimm slot)
Now start hunting in your case for a short. For example a wire with a missing piece of insulation may have touched the case. You may have pushed wires around as you swapped DIMMS. Hopefully there will be some smell or black marks to help you find it. It could be pinched wires behind the MB that finally wore through after 3 years of rubbing. (p.s. you did exactly right to swap the dimms, that is good diagnostic procedure. if doing that fried the mb or PSU that's not on you, it's on the failed HW). You need to find the cause of the short before you start replacing parts or you will burn up more equipment. For example, I would not test those dimms in a new MB. Likely you will need to remove MB and PSU from case to find problem if its not the dimms.
Inspect the PSU visually, and sniff it, but do not open it. Shock risk even when unplugged and nothing to fix if you open the PSU case. If anything in the PSU looks bad strongly consider replacing it. Note that the PSU will have sucked any burning smell in through its fan, so it may have a smell even if it did not burn.
If you removed the MB, CPU and PSU from case suggest you breadboard them on a cardboard box, no other parts. Use compressed air to blow anything out of the dimm slots. Then power up to get to the "no memory beep - or in your MB's case I think from your appends that's the 2 light diagnostic but did not check manual. Then I'd try a dimm to see if I could get it to post no video. Then keep adding parts back in until it works. If you can't get it past two lights then it's time to see if you want to buy new memory or new MB or both. Or if you want to get a new generation MB, CPU and Memory. I still use i7-920 so know i5-760 is not slow however if you find you need to buy parts a nice current gen i5, MB, memory bundle is around $400 with cheaper available. For example http://www.tigerdirect.com/applications/category/category_slc.asp?CatId=11497)